SINGAPORE: Philippine shares ended 1 percent higher on Tuesday while Thailand and Singapore erased gains on profit-booking following an early surge after China promised fiscal action to support its economy.
China said late on Monday it would cut corporate taxes and speed up local special bond issuance, among other measures, to boost growth in the world’s second-largest economy.
Investors cheered the move, with Asian shares ex-Japan rising 0.8 percent to their highest level in over a week.
“Regional markets are reacting to signs that China is moving for a monetary expansion, and that has improved sentiment,” Asiasec Equities Inc analyst Manny Cruz said.
Philippine shares were the top gainers in the region, with industrial stocks contributing more than half of the gains.
SM Investments and SM Prime Holdings, up 3 percent and 1.4 percent respectively, were the biggest boost to the index.
Meanwhile, global bond yields rose on fears the Japanese central bank may unwind its aggressive monetary stimulus, sending financial shares higher.
Malaysian shares rose 0.3 percent, their eleventh gain in twelve sessions, led by consumer staples and telecommunication stocks.
Indonesian shares finished 0.3 percent higher, driven by financial stocks.
Bank Mandiri (Persero) Tbk Pt and Bank Negara Indonesia (Persero) Tbk Pt, up 1.95 percent and 0.7 percent respectively, were among the top gainers.
In Singapore, losses in telecommunications and consumer shares offset gains in energy and financials.
Venture Corporation Ltd, down 4.6 percent, was the top loser after the Singapore Exchange Securities Trading Ltd issued a query on the company’s recent trading activity.
PTT PCl, down 2.35 percent, was the biggest drag on the Thai main index.
Source: Brecorder
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